Ratickle
Founding Member / Super Moderator
MADISON, Ind. (WAVE) - The future of Miss Madison Inc. (MMI) hydroplane racing is now in jeopardy after an unauthorized sale of the organization’s two hydroplane boats by members of the MMI board, according to Madison Mayor Bob Courtney.
Miss Madison Inc. is a non-profit organization that promotes hydroplane racing and is the only community-owned hydroplane in the world. MMI had two boats as of last year: one belonging directly to the City of Madison and another that was entitled to the city but had not yet been transferred.
Every year, the boats race in the Madison Regatta and are considered the winningest hydroplanes in the sport. Miss Madison Inc. has been represented in the annual race since 1961.
However, Mayor Courtney says sometime in November 2024, his office was made aware that the two boats and several city-owned parts were sold to a buyer in Washington State, despite the city never being notified. Courtney says the sale was secretly organized and authorized by members of the MMI board.
The mayor says while those board members are supposed to be appointed by the mayor, only one of the members was actually appointed — the board chairman, Charlie Grooms. Grooms was appointed by a different mayor in 2006.
Mayor Courtney said when he found out about the sale, he called a meeting between Grooms and other board members, but they were unable to come to an agreement and Grooms soon lawyered up. The city followed suit and hired their own attorneys, setting up a legal battle over the boats.
To make matters worse, the Mayor soon discovered that MMI owed more than $1 million to various creditors. Surprisingly, the largest claim was owed to Charlie Grooms.
Mayor Courtney said he ousted all five original board members and has now appointed three new members along with himself to a newly restructured MMI board. Their immediate goal will be determining how to move forward and settling their financial debts.
But the Miss Madison boats are already gone, ending a tradition in Madison more than 60 years old.
“The fiduciary responsibility of this board is to seek legal and financial advice regarding all claims and contracts regarding Miss Madison Inc.,” said Mayor Courtney. “We must act in the best interest of the City of Madison and protect the legacy of Miss Madison, ensuring that any financial claims or obligations are thoroughly examined. I had hoped that resolution over the disposition of Miss Madison’s assets and outstanding contractual obligations and claims could be worked through with the current board, but unfortunately, that is not the case.”
Miss Madison Inc. is a non-profit organization that promotes hydroplane racing and is the only community-owned hydroplane in the world. MMI had two boats as of last year: one belonging directly to the City of Madison and another that was entitled to the city but had not yet been transferred.
Every year, the boats race in the Madison Regatta and are considered the winningest hydroplanes in the sport. Miss Madison Inc. has been represented in the annual race since 1961.
However, Mayor Courtney says sometime in November 2024, his office was made aware that the two boats and several city-owned parts were sold to a buyer in Washington State, despite the city never being notified. Courtney says the sale was secretly organized and authorized by members of the MMI board.
The mayor says while those board members are supposed to be appointed by the mayor, only one of the members was actually appointed — the board chairman, Charlie Grooms. Grooms was appointed by a different mayor in 2006.
Mayor Courtney said when he found out about the sale, he called a meeting between Grooms and other board members, but they were unable to come to an agreement and Grooms soon lawyered up. The city followed suit and hired their own attorneys, setting up a legal battle over the boats.
To make matters worse, the Mayor soon discovered that MMI owed more than $1 million to various creditors. Surprisingly, the largest claim was owed to Charlie Grooms.
Mayor Courtney said he ousted all five original board members and has now appointed three new members along with himself to a newly restructured MMI board. Their immediate goal will be determining how to move forward and settling their financial debts.
But the Miss Madison boats are already gone, ending a tradition in Madison more than 60 years old.
“The fiduciary responsibility of this board is to seek legal and financial advice regarding all claims and contracts regarding Miss Madison Inc.,” said Mayor Courtney. “We must act in the best interest of the City of Madison and protect the legacy of Miss Madison, ensuring that any financial claims or obligations are thoroughly examined. I had hoped that resolution over the disposition of Miss Madison’s assets and outstanding contractual obligations and claims could be worked through with the current board, but unfortunately, that is not the case.”
